In the vast ocean of the global food industry, few sectors have witnessed such steady growth and demand as the shrimp market size. With an ever-increasing appetite for seafood delicacies worldwide, the global shrimp market has emerged as a lucrative domain with promising opportunities and significant challenges. In this comprehensive analysis, we delve into the key aspects of the global shrimp market, exploring its size, dynamics, trends, and future outlook.

Market Overview and Size

The global shrimp market reached a volume of 7.60 million tons in 2023. The market is poised for substantial growth, projected to expand at a CAGR of 6.30% during 2024-2032, ultimately reaching a volume of 13.16 million tons by 2032. This remarkable growth trajectory is primarily fuelled by the escalating demand for shrimp, driven by evolving consumer preferences, increasing disposable incomes, and growing awareness regarding the health benefits of seafood consumption.

Key Benefits of Shrimp Consumption

Shrimp, renowned for its delectable taste and nutritional value, offers a plethora of benefits to consumers. Rich in protein, vitamins, and minerals, shrimp serves as a wholesome source of nutrition, contributing to muscle growth, immune function, and overall well-being. Moreover, shrimp is low in fat and calories, making it an ideal choice for health-conscious individuals seeking a flavorful yet guilt-free dining experience. Additionally, shrimp is versatile, lending itself to a myriad of culinary preparations ranging from traditional seafood dishes to contemporary fusion cuisines, thereby appealing to a diverse consumer base globally.

Key Industry Developments

The global shrimp industry has witnessed several notable developments in recent years, reflecting the evolving dynamics of the market. One prominent trend is the adoption of sustainable aquaculture practices to meet the rising demand for shrimp while minimizing environmental impact. Companies across the supply chain are increasingly investing in technologies and initiatives aimed at enhancing efficiency, reducing resource consumption, and promoting responsible stewardship of aquatic ecosystems.

Another significant development is the proliferation of value-added shrimp products catering to evolving consumer preferences and lifestyle trends. From convenience-oriented ready-to-cook shrimp meals to premium gourmet shrimp selections, manufacturers are innovating to capture niche segments and differentiate their offerings in a competitive market landscape.

Driving Factors

Several factors drive the growth of the global shrimp market, including:

1.            Increasing Demand: Growing consumer awareness regarding the health benefits of seafood consumption, coupled with rising disposable incomes, is driving demand for shrimp worldwide.

2.            Expanding Aquaculture Industry: Technological advancements and investments in aquaculture infrastructure have led to significant improvements in shrimp farming efficiency, enabling higher production volumes and reduced costs.

3.            Globalization of Trade: The globalization of trade networks and the proliferation of e-commerce platforms have facilitated the seamless distribution of shrimp products across geographies, expanding market reach and accessibility.

4.            Changing Dietary Preferences: Shifting dietary preferences towards protein-rich diets and a growing appetite for international cuisines are fuelling demand for shrimp-based dishes in both developed and emerging markets.

COVID-19 Impact

The COVID-19 pandemic has had a profound impact on the global shrimp market, disrupting supply chains, and altering consumption patterns. In the initial stages of the pandemic, lockdown measures and restrictions on mobility led to logistical challenges, affecting the transportation and distribution of shrimp products. However, as the situation stabilized and consumer behaviour adapted to the new normal, the demand for shrimp witnessed a resurgence, driven by home cooking trends and increased emphasis on healthy eating habits. Moving forward, the shrimp industry is expected to rebound robustly, leveraging digitalization and innovation to navigate future challenges and capitalize on emerging opportunities.

Restraint Factors

Despite its promising growth prospects, the global shrimp market faces certain constraints that warrant attention:

1.            Environmental Concerns: The expansion of shrimp aquaculture has raised environmental concerns regarding habitat degradation, water pollution, and biodiversity loss, necessitating sustainable practices and regulatory interventions.

2.            Disease Outbreaks: Shrimp farming is susceptible to disease outbreaks, which can result in significant economic losses and production disruptions, underscoring the importance of biosecurity measures and disease management strategies.

3.            Price Volatility: Fluctuations in input costs, currency exchange rates, and market demand can lead to price volatility, posing challenges for industry players in terms of cost management and profit margins.

Market Segmentation and Outlook

The global shrimp market can be segmented based on product type, distribution channel, and geography. Product segments include fresh, frozen, and value-added shrimp products, while distribution channels encompass supermarkets/hypermarkets, specialty stores, online retailers, and foodservice establishments. Geographically, key regions driving market growth include Asia-Pacific, North America, Europe, and Latin America.

Industry Segmentation: Manufacturing Advanced Materials

Based on type, the market has been classified into:

• Wild Shrimp

• Farmed Shrimp

On the basis of species, the market has been divided into:

• Penaeus Vannamei

• Penaeus Monodon

• Macrobrachium Rosenbergii

• Others

Based on product category, the market has been categorised into:

• Peeled

• Shell-on

• Cooked

• Breaded

• Others

Major Key Players

Some of the prominent players operating in the global shrimp market include:

• Mazzetta Company, LLC

• Apex Frozen Foods Ltd.

• Seaprimexco Vietnam

• Liveris Afentoulis & Co.

• Grand Ocean Seafoods Co., Ltd

• Charoen Pokphand Foods PCL

• Grupo Iberica Congelados, S.A

• Ocean More Foods Co., Limited

• Aqua Star

• Pacific Seafood

• Santa Priscila

• Thai Union Group PCL

Opportunities, Challenges, and Scope

The global shrimp market presents a myriad of opportunities for stakeholders across the value chain, from shrimp farmers and processors to distributors and retailers. The increasing demand for sustainable seafood, coupled with advancements in aquaculture technology and supply chain management, opens avenues for innovation and market expansion. However, challenges such as regulatory compliance, environmental sustainability, and market competition necessitate strategic planning and proactive risk management. Nevertheless, the scope for growth and profitability in the shrimp market remains substantial, driven by evolving consumer preferences, demographic trends, and technological advancements.